Phase 5 – Sustainability Phase five represents sustainability. The owner now has a franchise (as in the business model can be replicated like a cookie-cutter recipe) and needs to behave like a franchisor as growth occurs through the second store, branch or independent revenue streams coming into existence. The crisis however is one of identity. […]
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Phase 7 – Succession Stage seven represents successful succession occurring, the owner has a retirement or exit plan – their legacy is in position structurally and financially. The owner has found a buyer or the IPO is in position.
Firstly and importantly we must look to how each crisis phase shapes managerial characteristics. The skills possessed by the entrepreneur that helped start the business are not the skills that will grow it.